Rector v. . Lyda
Supreme Court of North Carolina
ÁPPEAL'by plaintiff from Long, J., at May Term, 1920, of HeNderson. On 24 March, 1915, J. Hudson Williams executed his note and mortgage securing the sum of $2,000 to L. I. Jennings, and afterwards conveyed the land described in the mortgage to J. Manly Lyda, the latter agreeing to assume and pay, as part of the consideration of the deed to him by Williams, the mortgage debt due1 by Williams to Jennings, both Jennings and Lyda having since died, and being represented in this…
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ÁPPEAL'by plaintiff from Long, J., at May Term, 1920, of HeNderson. On 24 March, 1915, J. Hudson Williams executed his note and mortgage securing the sum of $2,000 to L. I. Jennings, and afterwards conveyed the land described in the mortgage to J. Manly Lyda, the latter agreeing to assume and pay, as part of the consideration of the deed to him by Williams, the mortgage debt due1 by Williams to Jennings, both Jennings and Lyda having since died, and being represented in this action by their administrators. The jury having by their verdict found that the defendant, W. W. Lyda, administrator of…
1Opinion of the Court
Waliíee, J.,
after stating tbe case: Tbe learned judge followed tbe former rule in equity, but later decisions in this, and many other courts, bave beld tbat tbe plaintiff mortgagee is entitled to judgment and execution against tbe purchaser from tbe mortgagor, who has assumed tbe payment of tbe mortgage debt, without any such condition. Tbe authorities thus state tbe old and tbe new rule. Tbe doctrine of equity is tbat when tbe grantee in a deed assumes tbe payment of tbe mortgage debt, be is to be regarded as tbe principal debtor, and tbe mortgagor occupies tbe position of a surety; and tbe…
2Cases cited14 opinions
- Gorrell v. Greensboro Water Supply Co.Supreme Court of North Carolina · 1899
- Voorhees v. Porter.Supreme Court of North Carolina · 1904
- Town of Gastonia v. McEntee-Peterson Engineering Co.Supreme Court of North Carolina · 1902
- Baber v. HanieSupreme Court of North Carolina · 1913
- Threadgill v. . McLendonSupreme Court of North Carolina · 1877
9 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Pittsburgh Plate Glass Co. v. Fidelity & Deposit Co.Supreme Court of North Carolina · 1927
- Canestrino v. PowellSupreme Court of North Carolina · 1949
- General American Life Insurance v. StadiemSupreme Court of North Carolina · 1943
- Parlier v. . MillerSupreme Court of North Carolina · 1923
- Hatley v. JohnstonSupreme Court of North Carolina · 1965
15 more not listed; retrieve them via the Exa API.